Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, has made remarkable strides in achieving the vision of Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai to promote entrepreneurship among the youth. More than 23,000 Emirati entrepreneurs have received business consultancy services from Dubai SME since its inception and the agency has also supported the launch of over 4,000 projects. [caption id="attachment_151111" align="alignright" width="214"] Sami Al Qamzi[/caption] Dubai SME has also been successful in securing nearly AED 3.3 billion worth of contracts to its members under the Government Procurement Program (GPP) so far. Meanwhile, more than 4,000 enterprises benefited from Dubai SME's incentive packages Emirati entrepreneurs and the net value of such support has exceeded AED 290 million. Established by Sheikh Mohammed Bin Rashid Al Maktoum under the umbrella of Dubai Economy in 2002, Dubai SME has enabled a number of Emirati youth to evolve into entrepreneurs and pursue innovations in commercial and industrial projects, thereby strengthening the private sector and promoting economic development in the UAE. Sami Al Qamzi, Director General of Dubai Economy, said Dubai SME has enabled young entrepreneurs in the country to progress through local and regional markets to the global stage. "We are keen to develop the young talent in the UAE into a distinguished generation that will position the country in the forefront of the global economy. Our aim is to provide an attractive environment for entrepreneurs to translate their creativity into successful projects that support national economic development. To that end we develop programs and policies that can stimulate SMEs to adopt innovative business models and be productive, thus contributing towards achieving a competitive, knowledge-based economy as foreseen in the UAE Vision 2021," added Al Qamzi. Abdul Baset Al Janahi, CEO of Dubai SME, expressed his pride in the agency achieving competitiveness and sustainability as a business facilitator in the government sector. "SMEs form the backbone of the economy in Dubai. The Dubai SME policy is aligned to the strategic focus of the leadership and government in the emirate on building a competitive and diversified economy." Al Janahi added that Dubai SME has established strategic partnerships and initiatives to support SME innovation and growth. "We have more than 45 service providers as our partners. In addition to enabling our members to win over AED 3.3 billion in government contracts, the Hamdan Innovation Incubator in Dubai SME has supported 515 projects, including financing 50 successful projects." The Hamdan Innovation Incubator (Hi2) aims to make Dubai the entrepreneurship capital and innovation hub of the region. Hi2 helps entrepreneurs launch projects in diverse sectors and supports them in early stage development. The Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, has meanwhile enhanced financing options for innovative entrepreneurs. The AED600 million has had 56 start-ups securing more than AED 48 million in start-up and growth financing so far. Dubai Entrepreneurship Academy has also been established under the umbrella of Dubai SME with the primary goal of developing the business skills and leadership of Emirati entrepreneurs. The Academy offers courses accredited by the Knowledge and Human Development Authority (KHDA) to help aspiring and existing entrepreneurs hone their skills in business management and development. Nearly 7,000 trainees have graduated from the Academy so far. — SG
